House flipping

[Valerie Davis]

Good morning. My husband and I currently reside in Northern California.  We just purchased residential property in Shreveport, Louisiana; Caddo Parish. We discovered that the property needs considerable rehabbing. We don't know what we're doing...any suggestions you might have will be greatly appreciated. Thanks

[Account Closed]

Hey @Valerie Davis Nice to see another member from the Sacramento area.

I would think the first step would be to go check out the property in person and then schedule a day that contractors come to bid on the rehab. I would call 5-10 of them and ensure you have at least 5 scheduled to come and bid. Often times they never show up, and if they do they may not actually submit a bid.

If you completed a home inspection you can have the major items requiring repair included in the rehab bid.

Once you have 3 solid bids to compare you can decide which contractor to hire, and keep the others in your back pocket in the event the first contractor doesn't work out. 

Are you looking to flip the property or hold onto it for a rental ... or live in it? Your rehab may differ depending upon your exit strategy.